Offshore-Rig Builders Thrive in New Era

By

Jacob Gronholt-Pedersen and

Gaurav Raghuvanshi

Updated Aug. 28, 2012 1:33 p.m. ET

Just two years after offshore drilling was brought to a near-standstill in many parts of the world following BP PLC's 2010 Gulf of Mexico Macondo well blowout, the offshore-rig-construction sector is growing strongly, with oil majors moving to deeper depths and new frontiers while also having to meet tighter safety requirements.

Sustained high oil prices have made exploration and production in areas such as offshore Brazil and West and East Africa more viable, even though companies working in these frontier areas are...